UK-ASEAN Business Council launched

The Association of Southeast Asian Nations and the United Kingdom have launched the UK-ASEAN Business Council (UK-ABC) to further promote trade and investment between them.

“The establishment of UK-ABC provides another avenue for the UK businesses to explore, develop and deepen their business in ASEAN. ASEAN view the private sector as a key stakeholder in the establishment of AEC [ASEAN Economic Community],” the ASEAN said in a media release on November 3, 2011.

The council will be based in London and will work with the British Chambers of Commerce across the ASEAN region to support UK business interests in the region.

Two-way trade and investment between ASEAN and the UK have been growing. It stood at US$28.34 billion in 2010, a 23 percent increase year-on-year, according to ASEAN statistics.

Dr Vince Cable, UK Secretary of State for Business, Innovation and Skills, said the council wants to develop the British network business, especially the small and medium companies, to become an active component of the ASEAN economy.